YEREVAN. - The Council of the Central Bank of Armenia (CBA) refrained from changing the 10.5 per cent level of the refinancing rate on Tuesday. Specifically, in April 2015, deflation amounted to 0.4 per cent as compared with 0,5 per cent inflation in April 2014. Consequently, the 12-month inflation went down to 4,8 per cent. In the conditions of the slow growth of world economy, the low prices for the main commodities and food products remain unchanged.

In the coming months, CBA expects deflation tendencies. The first quarter of 2015 saw 2,5 per cent growth of economic activity. This allows to hope for a more significant seasonal decline in the food product prices. On the other hand, as a result of possible increase in the energy prices, the aforementioned deflation expectations are neutralized, the current refinancing rate level enabling the stabilization of the 12-month inflation round the target value.